Bharat Forge patriarch refuses to part family wealth with children of estranged sister

In an affidavit filed connected Monday successful the civilian tribunal of Pune, Kalyani said that Sameer Hiremath and Pallavi Swadi cannot inquire for immoderate partition of the assets oregon wealthiness owned by immoderate Kalyani associated household entity.

“The plaintiffs (Hiremaths) and the defendants (Kalyanis) bash not person immoderate communal antheral ancestors. Consequently, they (Hiremaths) tin ne'er beryllium portion of the aforesaid coparcenary," said Kalyani’s affidavit—a rebuttal to the claims filed successful a suit past period by the Hiremath household scions, demanding partition of wealthiness held by the Kalyani associated family.

The Hiremaths and Kalyanis are entangled successful a bitter quality implicit shares of pharmaceutical steadfast Hikal Ltd and the assets owned by definite Hindu Undivided Families (HUFs) of the Kalyani associated household done scores of existent property properties and golden jewelry.

Mint has reviewed a transcript of the affidavit.

Baba Kalyani,75, has argued “the ground of a Hindu coparcenary is communal antheral lineage—which ground has not been changed by the 2005 Amendment Act".

Also Read: Bharat Forge's Kalyani household feud worsens, Hiremaths request partition of household wealth

According to the Kalyanis’ affidavit, portion daughters, wrong the Hindu law, whitethorn beryllium deemed to beryllium coparceners successful an HUF, specified a “deeming fiction" is not extended to the children of specified daughters. 

“The children of the pistillate coparcener cannot go the coparceners of their maternal grandfather's HUF, since they are calved successful their father's household and not successful the household of the maternal grandfather," argued Kalyani.

Baba Kalyani has besides stated that helium has nary alleged volition of taking implicit immoderate properties of immoderate alleged Kalyani Family HUF. 

And, since the Hiremath siblings are not portion of immoderate Kalyani household entity, nary question of depriving them of immoderate rights to the associated household properties adjacent arises successful the archetypal place, the affidavit said.

A Kalyani radical spokesperson declined to remark stating the substance is sub-judice, portion queries sent to the Hiremath household remained unanswered.

An escalating feud

The feud betwixt the 2 families, which began aft Sugandha’s brother, Baba Kalyani, refused to transportation Hikal shares successful her name, worsened aft her children, connected 20 March, filed a petition against Baba Kalyani, his lad Amit Kalyani, member Gaurishankar Kalyani, Gaurishankar's children Sheetal Kalyani and Viraj Kalyani, and their parent Sugandha Hiremath successful the Pune court. 

Also Read: Inside the ₹1,300 cr spat betwixt billionaire Baba Kalyani and his sister

The petition demanded a partitioning of the assets and businesses nether the Kalyani Family HUF, which is said to ain important stakes successful ample companies and important existent property assets, particularly successful Pune, Karad and Satara districts successful Maharashtra.

In their suit, the Hiremaths apprehended that determination are imminent chances the Kalyanis volition woody with the assets of the Kalyani Family HUF during the pendency of the suit and owed to which the Hiremaths whitethorn endure “grave irreparable nonaccomplishment and tremendous hardship". 

Moreover, the Hiremaths said arsenic the summertime vacations are coming up, the Kalyanis whitethorn instrumentality vantage of the aforesaid and make third-party interests successful the assets of the Kalyani Family HUF.

The Hiremaths’ petition showed that isolated from holding promoter stakes successful Bharat Forge and different family-owned firms, the Kalyani Family HUF owns stakes successful dozens of ample listed heavyweight firms including Hindalco Ltd, Bajaj Auto, Bank of Baroda, Kirloskar Cummins Ltd, and Ceat Ltd. 

While Bharat Forge unsocial has a marketplace headdress of ₹57,731.44 crore (as connected 7 May), the HUF, according to the Hiremaths, besides holds bonds of ample companies and owns assets successful the signifier of ample onshore parcels, buildings and has dozens of proprietorships.

Also Read: Kalyani steadfast trains guns connected Hikal compliance officer

The shares of Bharat Forge, Kalyani Steels Ltd and Kalyani Consultants Pvt. Ltd person ever been a portion of and formed the corpus of the Kalyani Family HUF, said the Hiremaths. 

The Hiremaths had asked the tribunal to nonstop the Kalyani household to halt dealing successful the properties nether Kalyani Family HUF and disclose each the assets held by the household entity. 

The Kalyanis person urged the tribunal to disregard the suit altogether.

The Hiremath siblings asked the tribunal to bid a partition of the Kalyani Family HUF and state that Sameer and Pallavi are jointly entitled to 1/9th stock of each portion of the wealthiness of the associated household entity.

In the latest tribunal filing, the Kalyanis said if the “wide and far-reaching" reliefs arsenic prayed for by the Hiremaths are granted, it would alteration the second to spell connected a “fishing expedition with the interior documents of the Kalyani household utilizing the tribunal machinery for their baseless demands". 

Sameer and Pallavi had claimed that the assets of the associated household person extended to existent estate, gold, slope deposits, and truthful on, including a “Yerawada Pune Plot".

Baba Kalyani has present denied that the assets held by him oregon the businesses nether him represent the spot of immoderate alleged associated family. 

The Kalyanis argued connected Monday that Sameer and Pallavi person nary close to record and support a suit seeking partition of wealthiness owned by immoderate Kalyani associated household entity.

They said that determination is nary HUF by the sanction Kalyani Family HUF, portion arguing that the Hiremaths’ suit is “vague and devoid" of immoderate worldly particulars. 

According to the Kalyanis, the suit is filed by the Hiremath siblings, who by commencement are members of “one Hiremath family" and coparceners of an HUF of the Hiremath family.

The Kalyanis person termed the Hiremaths’ suit arsenic an effort to effort and "usurp rights successful assets and properties of the alleged Kalyani Family HUF".

“It is submitted that plaintiffs person nary locus standi to record the contiguous suit and the aforesaid ought to beryllium dismissed astatine the threshold connected this crushed alone," added the affidavit.

Arguments by the Kalyanis

According to the Kalyanis, the suit simply states an alleged Kalyani Family HUF exists and past proceeds to database retired definite properties which are alleged to beryllium HUF properties. 

The Kalyanis person said determination is nary statement fixed successful the Hiremaths' suit to place the properties arsenic required by law. 

Based connected this, the Kalyanis person argued that specified "self-serving averments" by the Hiremath siblings are not capable to bring each the properties (owned by the Kalyani family) acceptable retired therein wrong the purview of the partition suit.

The affidavit besides alleged that the Hiremaths are blameworthy of suppression of definite worldly facts.

The Kalyani household said portion the Hiremaths have, successful an innocuous looking 'Annexure D' to the Suit, disclosed the pendency of the 2014 Partition Suit, they (the Hiremath siblings) person failed to disclose that the 2014 Partition Suit pertains to the aforesaid taxable substance arsenic the contiguous Suit (i.e. the partition of the alleged ANK HUF and the NAK HUF). 

The Kalyanis person argued that not lone does specified alleged "material suppression" and "falsehood" warrant dismissal of the contiguous Suit, but it besides belies the claims made successful the contiguous suit and disentitles the Hiremaths from claiming immoderate interim reliefs.

“… the Plaintiffs malafidely and arsenic an afterthought decided to record the contiguous suit, lone to laic an ill-founded assertion implicit assets and properties successful which they person nary rights whatsoever," said the affidavit.

“Plaintiffs person nary close oregon entitlement to initiate immoderate suit for partition successful respect to immoderate HUF formed wrong the Kalyani Family," added the affidavit.

The feud betwixt the Hiremaths and the Kalyanis began aft Sugandha’s brother, Baba Kalyani, refused to transportation Hikal shares successful Hiremath’s name—something that was allegedly promised to the Hiremath couple, according to a 1994 enactment by Kalyani’s father. 

As Hikal’s co-promoter, Kalyani entities clasp astir 33%. Complaining that the Kalyanis breached the agreement, the Hiremath household moved the Bombay High Court successful April, seeking a transportation of Hikal shares held by Kalyani entities.

Baba Kalyani, successful his latest affidavit, denied that helium has an “authoritarian and/or noncooperative cognition oregon that specified alleged cognition led to disputes wrong the family". 

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Published: 07 May 2024, 10:00 PM IST